Pacon Corporation Acquires Chenille Kraft Company
For more information contact: Chris Pummill, 414-727-6400
PACON CORPORATION, A MASON WELLS PORTFOLIO COMPANY, ACQUIRES THE ASSETS OF THE CHENILLE KRAFT COMPANY
APPLETON, WI (January 12, 2016) – Pacon Corporation, a leading global supplier of education and arts & crafts products, announced today that it acquired the assets of The Chenille Kraft Company. Under the terms of the agreement, Pacon acquired Chenille Kraft’s inventory and trade names.
Founded in 1930, The Chenille Kraft Company serves the education market with a wide range of arts & crafts products, including WonderFoam®, Creativity Street®, Chenille Stems, Felt Sheets, and many other accessories.
With the acquisition of Chenille Kraft, Pacon now offers customers an extensive line of products, strengthening its ability to be a single-source supplier for educational aids, paper products, and arts & crafts.
“We are excited to expand our arts & crafts category through this acquisition,” said Jim Schmitz, President/CEO of Pacon Corporation. “These additional products support our mission to enable and inspire lifelong learning, imagination, and artistry by delivering a complete product category offering. The Chenille Kraft Company has many loyal customers, and the entire Pacon team is looking forward to providing them with great customer service, product quality, and assortment.”
“Mason Wells was pleased to support the Pacon management team in its acquisition of Chenille Kraft,” said Chris Pummill, Vice President of Mason Wells. He added, “The acquisition of Chenille Kraft’s assets enhances Pacon’s growth through adjacent arts & crafts categories sold to new and existing customers.”
Chenille Kraft’s operations will be moved to Pacon’s facilities in Appleton, Wisconsin. Financial details of the transaction were not disclosed.
Debt financing for the transaction was provided by members of Pacon’s existing lender group, which is led by U.S. Bank. Quarles & Brady LLP served as legal counsel to Pacon Corporation.
About Mason Wells
Mason Wells is a leading Midwest-based private equity firm with approximately $1 billion in assets under management across its current private equity funds. Since Mason Wells was formed in 1998, its buyout funds have invested in four specific industry sectors: Outsourced Business Services, Consumer Packaged Goods, Engineered Products & Services, and Packaging Materials & Converting. For more information related to Mason Wells, please visit the firm’s website at www.masonwells.com.
Pacon Corporation is a leading provider of education and arts & crafts products marketed globally through retailers, educational distributors, and wholesalers. With facilities in Appleton and Neenah, Wisconsin, as well as Barrie, Ontario, Canada, and Shropshire, United Kingdom, Pacon primarily sells its products into two markets: school and art. In the school market, Pacon is a leading converter and marketer of consumable school supplies sold under numerous brands, including Peacock®, Tru-Ray®, and Fadeless® to the K-6 market. In the art market, Pacon is a leading converter and marketer of art papers sold primarily under the Strathmore Artist PapersTM brand to student, professional, and recreational artists. For more information relating to Pacon, please visit www.pacon.com and www.strathmoreartist.com.